our thanks to alan mcknight, the cio of alan mcknight. about central banks right now. today the swiss national bank became the first bank in the group of 10 to cut rates this cycle. we had thomas jordan speaking to bloomberg television earlier today. >> look at our u.s. inflation forecast. it is much lower than the one we published in december. inflationary pressure in switzerland declined. they give us the possibility to lower interest rates today. >> do you think you are on the vanguard now? are you leading the developed world in rate cuts? >> we are a small country and we are not leading the world. we are looking at our situation, our inflation forecast. we have to adjust our monetary policy in a way we have the appropriate monetary conditions in order to ensure price stability in switzerland. >> the franc felt an eight-month low. how much of that was intended? >> you have the risk that the exchange rate moves at the same time. we had a situation where they swiss franc appreciated last year. in nominal terms, but also real terms. that

to the floor show and dissect all of the action, joining the regents chief investment officer alan mcknight, the man himself dan geltrude thank you for being here. alan let me begin with you do you have the sense of we have a bullish trend. we know there has been a town of money on the sidelines, i feel like the bullish trend is continuing would you agree? >> we completely agree we think the trend is your friend in a moment to wave at the end of last year that is continued up for good reason because the names that have delivered from an earning perspective and a revenue growth are garnering more inflows and supporting higher evaluations and can continue and maybe not to the degree that we saw last year for the rally across the board of s&p 500 but driven by a few names as it broadens out in the s&p can do well this year. ashley: has a bullish trend been too concentrated. is there broad-based advance? >> there's no question about the concentration all you have to do is look at the numbers, if you go beyond that, you can absolutely see there are a number of gems out there and you have to go s